The Ultimate Home Sellers’ Guide

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The Ultimate Home Sellers’ Guide

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Selling your home can seem intimidating, but it doesn’t have to be.Follow UpNest’s Home Sellers’ Guide to make your experience smooth, fast, and easy!

1 Find a Top Real Estate Agent

2 Pricing your Home

3 Moving

4 Staging Your Home: Improvement

5 Staging Your Home: Interior

6 Staging Your Home: Exterior

7 Marketing Your Home

8 Showing Your Home

9 Evaluating Offers

10 Evaluating Offers: Disclosures

11 Closing Expenses

12 Closing Expenses: Taxes

13 Closing & Escrow

14 Last Steps

15 Congratulations!

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FIND A TOP REAL ESTATE AGENT

The first step of any home sale process is finding a good agent.Working with a top, experienced real estate agent is crucial to the successful sale of your home. A good agent protects your interests and resolves any problems that arise, ensuring a stress free process.

Agent Interview ChecklistWhen interviewing agents, make sure they meet all your qualifications. You should be able to rely on a good real estate agent to:

• Simplify and streamline the home-selling experience• Manage all paperwork, contracts, and transactional details• Suggest home improvements to increase the value of your home• Share insider knowledge on industry and local trends• Strategically price and market your home for maximum exposure• Negotiate the best deal and terms on your behalf• Find you service providers, such as appraisers, inspectors, and contractors• Promptly present and evaluate each offer with you

Use UpNest.com to skip the hassle and find the best real estate agent near you. UpNest sends you top 5% of local agents, guaranteed to sell your home faster and for more.

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PRICING YOUR HOME

Over or underpricing your home can negatively impact the sale process. A well-priced home will generate competitive offers and ensure a quick sale.

FACTORS AFFECTING HOME VALUEHome valuation is tricky. Enlist the services of your real estate agent to strategically price your home, and consider the following factors:

• Square footage and lot size• Industry trends and local market conditions (is it a Buyer’s market or Seller’s market?)• Number of bedrooms and bathrooms• Age and condition of home (Is it a fixer-upper? Renovated? Historical? New

construction?)• Location, city, state, and neighborhood (how close is public transportation, freeways,

schools, libraries, shopping, and downtown?)• Amenities (pool, spa tub, walk-in closets, gourmet kitchen, hardwood floors, etc.)

TIPS FOR PRICING A HOMEYour real estate agent should have strong local neighborhood knowledge to help you strategically price your home. Your agent should give you a Comparative Market Analysis (CMA) that serves as a guide to set an accurate value for your home. You can also do your own research:

• Analyze comparable listings and sales of similar homes in your neighborhood over the past 6 months

• Search the internet for similar homes in your local market and look at Days on Market and compare list-to-sale-price ratios

• Tour active listings nearby and adjust your price accordingly• Set price based on market conditions and trends

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MOVING

Consider packing up and moving out of your home before you prepare it for sale. Many people elect to rent or lease a temporary residence while they prepare their home for sale. Moving gives you the freedom to renovate and stage your home without inconvenience to you and your family.

Moving ChecklistMoving can be stressful. Here are a few tips to ease the process and get you started:

• Reserve a mover and confirm moving date and costs. For long-distance moves, enlist the help of a relocation company

• Order packing materials, including boxes, tape, bubble wrap, and markers• Put box labels on the side and on the top for visibility• Divide and sort all your items into 4 piles: KEEP, DONATE, SELL, TOSS• Pack a few essentials and put them aside• Arrange special transportation for plants, pets, and cars• Keep paying for utilities so you have electricity and water during showings

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STAGING YOUR HOME

Don’t underestimate the power of staging! A well staged home sells faster and for more, every time.

There are three main stages of staging a home: Home Improvement, Interior, and Exterior

HOME IMPROVEMENTFirst, see what improvement projects will be worth your time and effort. Consult with your agent to determine the best projects for your home.

• Remove old wallpaper and repaint interior with neutral colors• Fix light fixtures and switches, and replace old light bulbs• Repair cracks and patch up holes in walls from artwork• Make sure windows and doors open, close, and lock securely• Make any repairs needed to the sure the AC, heat, faucets and toilets• Inspect smoke detectors, security alarms, and sprinkler system• Repair or replace the roof if necessary

HOME INSPECTIONWhen you have completed your improvements, get a home inspection. If you get it done early enough, you’ll have the opportunity to identify and address any problems before they cause delays.

STAGING YOUR HOME

Potential buyers should feel comfortable and impressed when touring. Make sure your home looks like a place they would want to live.

INTERIOR STAGING: CLEAN, DECLUTTER & DECORATEIt’s time to roll up your sleeves and get to work (or hire a cleaning service to do the prep-work for you)!

Clean• Dust off furniture, light fixtures, blinds, and other surfaces• Keep beds made and consider buying new bedding• Wash windows and wash (or replace) window curtains• Shampoo, vacuum, and clean carpets and rugs. Wax and refinish hardwood floor• Wash or replace shower curtains, treat any mildew or mold, and clear vanity tops of all

personal toiletries• Clean countertops and store small appliances;• Empty trash to eliminate odors

Declutter• Host a garage sale or sell unwanted items

on Craigslist.org• Organize closets and storage space –

buyers like to peek inside!• Place valuable items like jewelry and money

in a secure place• Store away magazines, books, children’s

toys and games• Remove family photos, artwork, and

refrigerator magnets

Decorate• Introduce accent colors via accessories (pillows, throws, etc.)• Place fresh, new towels and hand soap in

bathrooms• Add mirrors in rooms to give the illusion of

more space• Place a table runner and formal dining

setting on your table• Display fresh flower arrangements

throughout the home

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STAGING YOUR HOME

Most buyers decide on a house when they first see it from the outside. Make sure your first impressions are top notch.

EXTERIOR STAGING: CURB APPEAL & LANDSCAPING• Weed, mow, rake, and water the lawn. Trim bushes and trees• Store away garden tools and neatly wrap the hose• Power wash your driveway to remove any oil stains• Add flowering plants to the front yard• Remove debris from the gutters and the roof• Clean ponds, fountains, and pool• Clean barbeque grill and any outdoor furniture• Buy a new welcome mat for the front door• Replace exterior lighting fixtures and hardware• Replace house numbers – be sure they’re visible from the street

Should You Hire a Professional?Consider hiring a professional Home Staging company to showcase your home’s best features and impress buyers. Buyers pay more for staged homes, so it’s likely you’ll recoup your costs and command a higher sale price.

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MARKETING YOUR HOME

Your agent should employ effective marketing techniques to sell your home for the highest sale price in the shortest time. Here are some ways your agent can market your home:

• Street and home signage• High-end, full-color marketing brochures and flyers• Professional photography• Virtual home tour• Professional home staging• Social media, including Facebook, Twitter, LinkedIn, and YouTube• Property listing on web portals including Zillow, Trulia, and Realtor.com• Print advertising in local newspapers and magazines• Direct mail, including postcards and flyers• Dedicated property website• Email newsletter to network and/or blog post

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SHOWING YOUR HOME

It’s time to prepare your home for open houses. Get everything set up, but let your agent run the show.

OPEN HOUSE CHECKLISTStay away during open houses so buyers feel comfortable touring your home and giving feedback to your agent. Just make sure your house is ready for touring.

• Keep your home accessible and ready for frequent showings• Put a lockbox on your door so the buyer’s agent can enter your home using a unique

code instead of a key• Open drapes and blinds and let the light in• Set a comfortable temperature for the home• Play soft background music to drown out any nearby traffic noise• Eliminate any odors (pets, food, cigarettes); Use an air-freshener or scented candles• Offer refreshments like sodas, water, cookies, etc.

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EVALUATING OFFERS

If you are working with a top real estate agent, offers should start to roll in. Your agent will help you evaluate each offer and approach each one as an opportunity to negotiate.

ACCEPT, REJECT, OR COUNTER-OFFERYou have 3 choices when you get an offer for your home: Accept, Reject or Counter-Offer.

For each offer, carefully review and evaluate:

• Proposed offer price• Pre-approval or pre-qualification letter• Contingencies (financing, appraisal, inspections, repairs, etc.)• Earnest money deposit• Proposed closing date• Expiration date of offer

Don’t be tempted to take the highest offer – it’s not always the best one!

EVALUATING OFFERS

A lot can happen in a real estate transaction, and deals can fall through at the last minute. A good agent can manage any complexity to avoid delays and ensure a smooth process.

DISCLOSURES & CONTINGENCIESDisclose all known home defects to buyers. Most states have property disclosure forms.

Don’t reveal your personal circumstances to the buyer. It may compromise your negotiations and end up costing you thousands!

The following contingencies may be attached to an offer:

• Buyer securing financing• A title search to ensure there aren’t any claims against the title• Contractual promises, such as repairs and buyer incentives• Title Insurance to protect against any mistakes and errors• Buyer’s home inspection and final walk-through• Home appraisal requested by lender to ensure the home’s sale price justifies the loan

amount• Buyer selling their home first – you can counter with a “Removal of Sale Contingency”

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CLOSING EXPENSES

REAL ESTATE AGENT COMMISSIONSCongratulations! You are about to close on the sale of your home! As the seller, you will likely be paying the entire commission, to be split between the buyer’s agent and yours. This is covered in your signed Listing Agreement.

TRANSFER TAXYour county or city may require you to pay transfer taxes as a percentage of sale price. Transfer tax varies depending on state, county, and city.

CLOSING COSTS OR CREDITS TO THE BUYERYou might have agreed to pay various standard costs associated with closing the deal, such as escrow fees, home appraisal cost, recording and transfer of the property, Homeowners and Title Insurance, and more.

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CLOSING EXPENSES

CAPITAL GAINS TAXIf you’re selling your primary home, and you earn less than $250,000 on your home sale (or $500,000 if you’re married and filing jointly), you will not owe capital gains tax. If you earn more, research online to see what you owe.

If your property is an investment property, then you’re obligated to pay the capital gains tax unless you are doing a 1031 exchange.

Consult your tax advisor on this topic to get specifics.

HOME WARRANTY FOR THE BUYERMany sellers buy a home warranty on the buyer’s behalf. This is a service contract (cost: ~$500) that covers repairs to appliances and certain systems within the house for the first year of ownership.

MOVING COSTS• While it may be tempting to save some money by asking friends and family to help you

move, it’s best to hire a moving company to take care of all your moving needs • Research and reserve a reputable mover and confirm your moving date, costs, and

other details• If you’re moving long-distance, consider enlisting a Relocation Specialist or relocation

company to assist you

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CLOSING/ESCROW

HOME INSPECTION, INSURANCE & APPRAISALPrepare your home for the buyer’s final walk-through and home inspection.

Once the deed is recorded or title has transferred, call your home insurance company to request a prorated refund on your policy

The buyer’s lender will request an appraisal to ensure the home’s sale price justifies the loan amount. If the appraisal comes in lower than the sale price, the buyer has to secure additional funds to cover the gap between the loan and the sale price. Or, they may ask you to renegotiate the contract.

UTILITIES, NEWSPAPERS, AND MAGAZINESMake a list of phone numbers for your utility companies and cancel them in a timely manner. Cancel newspaper and magazine subscriptions a week or more in advance to stop them from piling up.

HOUSE/MAILBOX KEYS & REMOTESThe buyers will probably change the locks but you should leave behind all keys (house, gate, mailbox) and remotes.

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LAST STEPS

Pat yourself on the back. You’re almost done! Just a few more steps.

APPLIANCE MANUALS, RECEIPTS AND WARRANTIES• Set aside manuals for major appliances for the new buyer• Leave receipts from contractors or warranties in a drawer• Leave any codes for the security alarm or other home systems

FINAL CHECKS• Double check your closets, drawers, storage, and garage to make sure you don’t leave

anything behind• Close windows and drapes/blinds• Lock all the doors• If you still have electricity, turn everything off, including the lights• Save closing documents for reporting the sale on federal and state tax forms

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CONGRATULATIONS!

Congratulations! You’ve sold your house. If you used a top real estate agent from UpNest, then the process was quick and easy.

UpNest.com: When Agents Compete, You WinWant to find the best agent in your area? UpNest can help.

• Free service with no fees or obligations.

• Find and compare the top 5% of agents in your area

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